Brics Pay is becoming one of the most ambitious projects of the bloc formed by Brazil, Russia, India, China, South Africa, and allied countries. The idea, nicknamed 'Global Pix', is to create a financial settlement system capable of speeding up international transactions with less cost, less risk, and, above all, without the intermediation of the dollar.
Although it is not a single currency, Brics Pay could transform how member countries trade with each other. Experts point out that the system should incorporate technologies such as blockchain, QR codes, digital wallets, and direct communication channels between central banks, drastically reducing transfer time and costs.
Advertising:
Expansion of the bloc and political strength
At the 16th Brics Summit in October 2024, held in Russia, the group gained four more members: Egypt, Ethiopia, Iran, and the United Arab Emirates. The expansion strengthens the reach and economic weight of the bloc, increasing the potential for the adoption of Brics Pay.
The message is clear: more commercial integration, less dependence on the dollar as a reference currency.
The concern of the United States
Although the official discourse highlights only efficiency and integration, there is an evident strategic implication: each transaction carried out without the dollar represents a small erosion of its dominant role in international trade.
Donald Trump, the President of the USA, has already classified Brics as an 'anti-American group' and sees Brics Pay as a direct threat to the American financial system. In response, he announced tariffs of 10% on imports from countries aligned with the bloc and even imposed a 50% tariff on Brazilian products.
In addition, it determined an investigation into Brazilian Pix, accusing it of discriminatory practices against US companies, demonstrating that any financial alternative outside the orbit of the dollar will be treated as a strategic risk.
Geopolitical and economic impact
The adoption of Brics Pay could reconfigure trade flows, especially among emerging countries, creating a financial ecosystem less dependent on the Western banking system.
For economies like Brazil's, the system could represent an opportunity to expand foreign trade at lower costs, especially with Asian and African countries. However, it could also increase diplomatic and trade tensions with the USA, the largest economic partner of several members of the bloc.
In recent meetings of the bloc, President Luiz Inácio Lula da Silva once again criticized the dependence of international trade on the dollar, arguing that this hegemony creates unfair barriers for developing countries and makes them hostage to the monetary policy of the United States. Lula advocated that each country should be able to negotiate in its own currency, without suffering from external exchange rate fluctuations.
In the same vein, leaders like Xi Jinping and Vladimir Putin have reinforced the idea that the excessive use of the dollar is a tool of political power, used by Washington to impose sanctions and influence global decisions. These statements have been strengthening the discourse that Brics Pay is not just a financial tool, but also a strategic step in building a more multipolar economic order.